Treasury cuts 4Q borrowing estimate to $276B

By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) - The Treasury Department says its will need to borrow $276 billion in the current quarter as it struggles to manage the government's books pending a decision by Congress to boost the debt limit.

The department's projected borrowing for the October-December period is down sharply from an estimate of $486 billion it made in August.

The improvement reflects the winding down of a program designed to help support the economy that was created at the height of the financial crisis last year. The move will delay the point at which the government will hit the current debt ceiling of $12.1 trillion to give Congress more time to approve an increase.